From internationally-adored Deliveroo to the revolutionary fitness app Fiit and the GP appointment app Babylon, the city of London has given rise to a plethora of successful tech ventures.
Indeed, the UK’s digital sector is a dynamic and productive environment. According to Tech City, a new tech business is born every single hour and they’re nearly twice as likely to be high growth companies than their non-digital counterparts. So the outlook is healthy, with talent and opportunities widely available. The rest then is up to tech entrepreneurs and their bright ideas. For those looking for inspiration, here are five ways small tech companies can succeed in a high growth market:
1. Artificial Intelligence
The UK wants to be at the forefront of the global AI industry by 2030. The commitment is no joke, with the launch of the new AI sector deal, the government has allocated more than £300 million to fund AI research and is backed by 50 global tech giants. “Artificial Intelligence is at the centre of our plans to make the UK the best place in the world to start and grow a digital business,” said Secretary of State for Digital, Culture, Media and Sport Matt Hancock. Growing businesses can take advantage of machine learning technology for lightning-quick analytics, chatbots, targeted consumer messaging, administration and more.
2. Diversity and inclusion
There have been growing efforts to diversify the tech industry, where men have been largely overrepresented. Progress is slow but inclusive hiring policies are key to driving growth in the sector. According to a study by McKinsey & Co, a business that has a balance of men and women are 15% more likely to outperform its competitors. Add a good mix of ethnic backgrounds and this increases to 35%.
3. Seek out universities
Many small businesses need venture capital which can be a challenge to access. Did you know leading UK universities can provide access to funding opportunities in addition to providing business support to their students/alumni? Check out Manchester Metropolitan University’s Innospace, University College London’s Hatchery, Sheffield University’s Campus Capital and Southampton University’s Future Worlds.
4. Be part of a tech ecosystem
Co-working spaces are amazing because they support collaboration, knowledge sharing and innovation. While its members help each other out in a variety of ways, the office space itself is built to be flexible and grows with the companies it hosts, providing them with flexible support that doesn’t just cover office stationery but includes pitch nights, meetups and hackathons. Check all the great stuff WeWork has to offer, for example.
5. Think global
There’s a visa scheme that allows talented digital professionals like senior system engineers, data scientists, graphics programmers and more from abroad to come and work in the digital tech sector. The Tech Nation Visa Scheme’s application process consists of an endorsement stage followed by a visa application, which if successful grants visa holders the right to work in the UK for up to five years, with the possibility to remain. For an overview of the application process visit Tech City UK’s dedicated site.
Tech company accountants
At Berley, we’re committed to helping you grow your tech business. As accountants for tech companies in London, we offer start-ups and small businesses tailored accounting and tax planning services as well as specialist business advice with a focus on solid business growth strategies. Companies we work with appreciate our proactive and flexible approach and the advantages of a fixed monthly fee.
For more information on how Berley can help your venture thrive, call us today on 020 7788 8261.